Developers plan to tear down the Grand Hyatt New York and construct a new tower housing the Grand Hyatt, office space and retail space.

The project is subject to city and state public review processes and will only break ground once necessary approvals are received. 

The 1,311-room hotel is located adjacent to the Grand Central Terminal on 42nd Street between Park and Lexington avenues. The development team -- investment firm MSD Partners and New York developer TF Cornerstone -- plans to work closely with New York's Metropolitan Transportation Authority to "maximize benefits" for passengers who use Grand Central Station.

The redevelopment comes on the heels of a recent rezoning of Manhattan's Midtown East neighborhood, which now permits developers to build higher-density real estate in the area. 

Built on the site of the former Commodore Hotel, the original Grand Hyatt New York was borne out of a 1976 partnership between Donald Trump and the Hyatt Corporation. In 1996, Hyatt bought out Trump's half-share in the hotel for $142 million.

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